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Smarter Services Ltd
Abbreviated accounts
For The Year Ended 28 February 2016
de Jong & Phillips LLP
Chartered Accountants
1 Ashlea
Hook
Hampshire
RG27 9RQ
Abbreviated Balance Sheet
|
2016 |
2015 |
|
Notes |
£ |
£ |
£ |
£ |
FIXED ASSETS |
Intangible Assets |
2
|
|
-
|
|
4,000
|
Tangible Assets |
3
|
|
94,666
|
|
108,788
|
|
|
|
|
|
|
|
|
|
94,666 |
|
112,788 |
CURRENT ASSETS |
Stocks |
|
5,000
|
|
4,000
|
|
Debtors |
|
343,379
|
|
292,940
|
|
Cash at bank and in hand |
|
358
|
|
7,062
|
|
|
|
|
|
|
|
|
348,737
|
|
304,002
|
|
Creditors: Amounts Falling Due Within One Year |
|
(405,523)
|
|
(384,080)
|
|
|
|
|
|
|
NET CURRENT ASSETS (LIABILITIES) |
|
|
(56,786)
|
|
(80,078)
|
|
|
|
|
|
|
TOTAL ASSETS LESS CURRENT LIABILITIES |
|
|
37,880
|
|
32,710
|
|
|
|
|
|
|
PROVISIONS FOR LIABILITIES |
Deferred Taxation |
|
|
(16,151)
|
|
(11,111)
|
|
|
|
|
|
|
NET ASSETS |
|
|
21,729
|
|
21,599
|
|
|
|
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
4
|
|
2
|
|
2
|
Profit and Loss Account |
|
|
21,727
|
|
21,597
|
|
|
|
|
|
|
SHAREHOLDERS' FUNDS |
|
|
21,729
|
|
21,599
|
|
|
|
|
|
|
Page 1
For the year ending 28 February 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
-
These abbreviated accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2015).
On behalf of the board
Page 2
Notes to the Abbreviated Accounts
Accounting Policies
Basis of Preparation of Financial Statements
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery |
25% Straight Line
|
Motor Vehicles |
25% Straight Line
|
Fixtures & Fittings |
25% Straight Line
|
Computer Equipment |
25% Straight Line
|
Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Deferred Taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
Intangible Assets
|
|
Total |
Cost |
As at 1 March 2015 |
40,000 |
|
|
As at 28 February 2016 |
40,000 |
|
|
Amortisation |
As at 1 March 2015 |
36,000 |
Provided during the period |
4,000 |
|
|
As at 28 February 2016 |
40,000 |
|
|
Net Book Value |
As at 28 February 2016 |
- |
|
|
As at 1 March 2015 |
4,000 |
|
|
Tangible Assets
|
|
Total |
Cost |
As at 1 March 2015 |
219,982
|
Additions |
10,542
|
Disposals |
(10,543)
|
|
|
As at 28 February 2016 |
219,981
|
|
|
Depreciation |
As at 1 March 2015 |
111,194
|
Provided during the period |
24,664
|
Disposals |
(10,543)
|
|
|
As at 28 February 2016 |
125,315
|
|
|
Net Book Value |
As at 28 February 2016 |
94,666
|
|
|
As at 1 March 2015 |
108,788
|
|
|
Share Capital
|
Value |
Number |
2016 |
|
2015 |
Allotted, called up and fully paid |
£ |
|
£ |
|
£ |
Ordinary shares
|
1.000
|
2
|
2
|
|
2
|
|
|
|
|
|
|
|
Page 4
Transactions With and Loans to Directors
Included within Debtors are the following loans to directors:
|
As at 1 March 2015 |
Amounts advanced |
Amounts repaid |
As at 28 February 2016 |
|
£ |
£ |
£ |
£ |
Mr Jason Southwell |
- |
117,481 |
- |
117,481 |
|
|
|
|
|
The above loan was unsecured and repayable on demand. Interest is charged at the officlal rate of interest. The loan was repaid in full by 1 August 2016.
Dividends paid to directors
|
2016 |
2015 |
|
£ |
£ |
Mr Jason Southwell |
73,000 |
20,000 |
Miss Ella Oates |
73,000 |
20,000 |
Ultimate Controlling Party
The company's ultimate controlling party is J Southwell and E Oates by virtue of their ownership of 100% of the issued share capital in the company.
Page 5